Tailored Financial Wellness Product Mitigates Impact of Financial Stress on Worker Productivity through Rapid Assessment, Personalized Education and Inspiration to Action
MENLO PARK, Calif. ─ October 28, 2015 — GuideSpark, the leader in workforce communications, today announced the launch of its Financial Wellness Product. Built on the GuideSpark Platform, this solution enables companies to provide tailored financial wellness education to their employees through a comprehensive financial assessment, personalized action plans, engaging informational videos, and direct integration to the actionable, employer-provided programs and tools. With GuideSpark’s personalized mobile and video solution, employees are inspired to take action and gain control of their financial futures. GuideSpark customers benefit from increased workforce productivity and much greater utilization of the financial wellness tools they’ve made available to their workforces.
“At Erie Insurance, we believe it’s important for employees to think about retirement early on and what they need to do to get ready,” said Erin Siegrist, director of Benefits for Erie Insurance. “We wanted to address this proactively by making it easy for employees to understand their options and take steps to a healthier financial future. We use GuideSpark to help educate employees on their retirement options. Because the solution is short, engaging, and easily accessible, we’ve been able to more effectively educate and empower our workforce to become more financially healthy, while also reducing our call support needs and overall costs.”
The impact of employee financial stress, such as worrying about bills, making mortgage payments or saving enough for retirement, can be detrimental in the workplace. Such stress can affect employees’ physical and mental health and diminish their work performance. Financial stress can also have a significant effect on the company’s bottom line; unscheduled absenteeism, fatigue-related productivity losses, and increased turnover are just some of the costly factors resulting from financially stressed employees.
“Changing employee behavior is hard, and when it comes to educating on financial wellness, the first step is to shift employees’ current mindset,” said Keith Kitani, CEO of GuideSpark. “Our Financial Wellness product uses individualized assessments and best practices from our work with hundreds of companies, to deliver personalized, interactive content that informs, inspires, and guides employees to act using the programs and systems made available by their employer. The result is a more empowered and productive workforce.”
Through an engaging step-by-step process, GuideSpark’s Financial Wellness product provides employees with a simple way to assess their own financial wellness and learn how they can improve, subsequently guiding them toward taking the appropriate actions. Designed to meet the needs of workers whether they are based in a physical facility, on-the-road or remotely, GuideSpark’s mobile-first solution is available anytime, anywhere. It includes an extensive interactive video library covering important financial topics such as 401(k) programs, retirement planning, estate planning, budgeting, investing, and much more.
Key features include:
· Financial Wellness Assessment: Through a short yet detailed self-service questionnaire covering all aspects of financial health, employees receive their personalized financial health score and a financial stress score, highlighting the specific areas impacting stress levels and identifying gaps in their financial understanding.
· Personalized Content: Based on their employee assessment results, users are presented with engaging content recommendations, enabling employees to understand where to focus and what steps they can take to improve their financial health. Short videos introduce key concepts and multiple engagement styles are used to provide depth and education exactly where needed.
· Easy Integration for Action: GuideSpark’s Financial Wellness product is incorporated into the employer’s existing partner tools and resources that support financial wellness, such as 401(k) providers, financial coaching solutions, EAP programs, legal services, and many more. As a result, employees benefit from a multi-faceted and personalized experience that drives to action and utilizes often dormant employer-provided resources.
· Reporting and Analytics: Aggregated reporting and analytics provide employers with key insights that can be used to build and improve more targeted financial wellness programs. They are able to pinpoint stressors and financial hardships that may be unique to segments of their workforce.
· Cloud-based Service: The financial wellness product is delivered through the GuideSpark SaaS Platform, which is offered as a cloud-based subscription to facilitate rapid deployment and ease-of-purchase. It easily scales across any organization, and provides 24/7 access from all devices such as smartphones, iPads and PCs, ensures employees can view content and videos when and where it is most convenient. Automatic, ongoing updates from GuideSpark ensure the most up-to-date education and communications minimizing on-going maintenance efforts and costs.
Additional information about GuideSpark’s Financial Wellness Product can be accessed at: http://www.guidespark.com/solutions/financial-wellness/
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